Bitwise CIO Says Tether Could Overtake Saudi Aramco in Future Profits

Matt Hougan, CIO at Bitwise, has predicted that Tether could one day become the most profitable company in the world. In a new analysis, he explained that the stablecoin issuer might even surpass Saudi Aramco, the world’s top oil company. With its large user base, big investments, and global reach, Tether is becoming a major leader in digital finance.

USDT’s Global Reach Could Make Tether the World’s Most Profitable Company

Reports have suggested that Tether’s USDT could be worth $500 billion. While many think this valuation seems high, Hougan said it’s possible when looking at the huge global money markets the stablecoin can reach. USDT, now live on the Bitcoin blockchain, is widely used in developing countries and regions with weak economies. The stablecoin now acts as a stable stand-in for the U.S. dollar.

Behind its operations, Tether has built a strong balance sheet comparable to that of national governments. As of Q2 2025, the company holds $127 billion in U.S. Treasurys, ranking it among the top 20 global holders. Its position is comparable to countries such as Germany and the United Arab Emirates, and it stands just behind Saudi Arabia.

If adoption trends persist, Hougan argued that Tether could one day manage assets worth several trillion dollars. With $3 trillion in assets, Tether could earn more than Aramco’s $120 billion profits, making it the most profitable company ever.

Tether Expands Globally and Into New Sectors

Hougan believes that if Tether grows to manage $3 trillion in assets, its profits could exceed Saudi Aramco’s $120 billion in 2024. 

In 2024, Tether made about $13 billion in profit with fewer than 200 employees. The company has expanded aggressively into new sectors. It has directed capital toward Bitcoin mining, artificial intelligence (AI), telecommunications, energy infrastructure, and not limited to data centers. 

Tether recently launched USAT, a U.S.-regulated, dollar-backed stablecoin. This new coin aims to serve American users while USDT continues to grow worldwide. Hougan says Tether shows that crypto can reach huge markets, and even a small success in these markets can create very high value.

Tether Could Surpass Oil Giants as Crypto Expands

Hougan compared crypto to early-stage investing. Many projects will fail, but the few that succeed could be bigger than any tech company today. 

The total markets that crypto can reach, including payments, stocks, bonds, and real estate, are worth hundreds of trillions of dollars. Blockchain networks like Ethereum (ETH) and Solana (SOL) could capture large parts of these markets, which explains their high valuations.

Hougan advises investors to remember that the biggest gains in crypto come from very large markets, but the risk is high. Nevertheless, Hougan said Tether stands out because of its size and profits, and if it keeps growing, it could one day surpass oil giants and show that the future of profit is in digital money.